PhilWeb to enter mobile lotto gaming
MANILA, Philippines – Listed online gaming company PhilWeb Corp. is continuing its aggressive expansion, this time into mobile lotto games through a newly created P1-billion subsidiary.
The new firm—PhilWeb Mobile Lottery Corp.—will be the company’s vehicle to operate mobile lottery games as well as other related mobile casino game offerings.
PhilWeb, which is controlled by former trade minister Robert V. Ongpin, subscribed to P127.49 million worth of shares while PhilWeb president Dennis Valdes took another P122.5 million.
The new firm to enter mobile lotto gaming is seen to provide an additional revenue stream for PhilWeb as well as create synergies with other units which include the recently acquired Acentic GmbH, a European hotel information technology provider.
PhilWeb generates the bulk of its revenues providing technical, marketing and cash management services to Philippine Amusement and Gaming Corp.’s more than 150 e-Games Cafés in the country.
These cafés, essentially Internet-based casinos, offer proprietary versions of popular card games like black jack, poker baccarat as well as slot machines, roulette and craps among others.
The firm, which is also eyeing the international market, recently set up a P1-billion subsidiary PhilWeb International Gaming Corp. in November.
In line with its overseas expansion move, PhilWeb—along with another Ongpin-led firm ISM Communications Corp.—acquired a majority stake in Acentic for P1.3 billion.
Acentic is an international provider of digital and internet services mainly in hotels and tourism facilities, counting about 200,000 rooms under contract.
Categories: Mobile Gambling